The sky has fallen, and Trump's congressional speech did not mention Crypto Assets.

**Background of the speech Time and Location: March 5, 2025 (9:00 p.m. ET on March 4th, US time, 10:00 a.m. Beijing time +08), Trump delivered a speech in the House Chamber of the Capitol in Washington, D.C.

• Nature: This is his first formal address to a joint session of Congress since the beginning of his second term (inaugurated on January 20), although not traditionally referred to as a “State of the Union” (because new presidents usually do not refer to it as SOTU in their first year), it serves a similar function, aiming to summarize the achievements in office and look forward to the future.
• Duration and Progress: As of 11:50 +08, the speech has been going on for about 40-50 minutes and is still ongoing.

Key points of the main content1. Opening: Victory declaration and the ‘American Golden Age’

• Trump opened with “America is back!” and claimed that 6 weeks ago, when he was sworn in at the Capitol, he promised to start the “Golden Age of America.” He claimed that the achievements made in the past 43 days surpassed those of most governments in four to eight years, emphasizing that his government’s actions were “swift and resolute.”
• Analysis: This is his consistent self-promotion style, aimed at strengthening supporters’ confidence, while also serving as a defense for subsequent policies.

1. Economic and Inflation Issues

• He prioritizes economic issues and accuses the Biden administration of causing the “most serious inflation in 48 years” and an “economic disaster.” He mentions that the rise in energy prices and the cost of daily groceries makes it difficult for Americans to afford necessities.
  • Promise to provide immediate relief to working families, including:
• Tax cuts for every American;
• Tip, overtime pay, and social security income are tax-free;
  • Reduce taxes on domestic production and manufacturing in the United States.
  • Analysis: Economic issues directly address voter concerns, but specific implementation details (such as the source of tax reduction funds) are not yet clear and may face congressional resistance.

2. Immigration and Border Security

• Trump said his administration has launched the ‘most comprehensive border and immigration enforcement action in American history,’ and claimed to have reduced the number of illegal border crossings to ‘the lowest level ever recorded.’
• Analysis: This is one of the core promises of his second term, in line with his previous CPAC speech. However, the claim of “lowest level” needs data verification and may exaggerate its short-term effects.

3. Attack Biden and the previous administration

• He has repeatedly criticized Biden, accusing his policies of “pushing up energy prices” and “destroying the economy”, and blaming the current problems on the previous government. He even hinted that Biden is still some kind of “behind-the-scenes influence”.
• Analysis: This ‘passing the buck’ strategy continues the logic of the election, aiming to shift the questioning of its policy effects, but is criticized by user X (such as @maitian99) as ‘It seems like Biden is still the president’, showing that his remarks may be detached from reality.

4. Praising their own “achievements” with Musk

• He mentioned the ‘Department of Government Efficiency’ (DOGE) he was working with Elon Musk, claiming to have streamlined bureaucracy, cut spending, and pushed for the restructuring of the federal government. He also attributed this to the ‘significant progress’ made in his 43 days in office.
• Analysis: Musk’s participation is a highlight of his policy, but some users on X question his “rumors” and “exaggerations”, and the actual results (such as chaotic layoffs, legal disputes) have sparked controversy.

5. Cryptocurrencies not mentioned (as of now)

• As of 11:50 +08, he did not delve into international affairs (such as Ukraine aid, NATO’s role), specific tariff plans (such as the 25% tariff on Canada, Mexico), or longer-term legislative blueprints. These may appear in subsequent sections.

Speech Style and Audience Response **Language Features: Full of emotional vocabulary (such as “disaster” and “nightmare”), and centered around “I” in its narrative (such as “I saved the economy”), continuing its populist style.

• Congressional reaction: Republicans stood and applauded multiple times, while Democrats protested. For example, as previously reported, Democratic Congressman Al Green was ejected for waving a cane and shouting, highlighting the deepening polarization.